Liberty Interactive Corporation (“Liberty”) (Nasdaq: LINTA,
LINTB, LVNTA, LVNTB) today reported third quarter results.
Highlights include(1):
- Grew consolidated QVC revenue by 2% and
adjusted OIBDA(2) by 6%
- Grew QVC US revenue by 3% and adjusted
OIBDA by 7%
- QVC.com revenue as a percent of total
US revenue increased to 39%, a 4 point increase
- Operating income increased 11%
- Recapitalized our common stock into two
tracking stocks, Liberty Interactive Group and Liberty Ventures
Group
- Shareholder value creation of $2.6
billion
- Successfully completed rights offering
at Liberty Ventures Group, raising $328 million
“QVC continues to produce strong results, especially on a
constant currency basis, despite a challenging macroeconomic
environment, and we are pleased with the performance of our newest
market, China,” stated Greg Maffei, Liberty President and CEO. “We
successfully completed the recapitalization of the company’s common
stock into two tracking stocks, which increased shareholder value
by $2.6 billion. Our share repurchases were lower this quarter, as
we were out of the market for six weeks due to the
recapitalization. But, we remain committed to repurchases at the
Liberty Interactive Group and the board of directors has increased
our repurchase authorization by $1 billion.”
LIBERTY INTERACTIVE GROUP - Liberty Interactive Group’s
revenue increased 3% to $2.2 billion in the third quarter, adjusted
OIBDA increased 5% to $397 million and operating income decreased
14% to $193 million. The increase in revenue was due to favorable
results at QVC and the eCommerce companies. The increase in
adjusted OIBDA for the quarter was due to favorable results at QVC,
which was offset by unfavorable results at the eCommerce companies.
The decrease in operating income for the quarter was primarily due
to unfavorable results at the eCommerce companies and the
impairment of goodwill of one of the eCommerce companies during the
quarter.
QVC
QVC's consolidated revenue increased 2% in the third quarter to
$1.9 billion. During the same period, adjusted OIBDA increased 6%
to $397 million and operating income increased 11% to $260
million.
“QVC delivered strong results in the third quarter, with
eCommerce continuing its double digit growth – now accounting for
33% of global revenue," said QVC President and CEO, Mike George.
“With mobile commerce orders up 96% globally, we see these results
as clear confirmation that our strategy to create a highly
immersive digital shopping experience, with strong integration
across TV, PC, tablet and mobile platforms, is not only succeeding,
but significantly outpacing the industry.”
QVC's U.S. revenue increased 3% to $1.2 billion in the third
quarter as a result of strength in cooking and dining, beauty,
apparel and accessories products, partially offset by a decline in
electronics. Additionally, average selling price per unit ("ASP")
increased 1% from $54.49 to $55.21 and units sold increased 1%
compared to the prior year third quarter. Gross product revenue
increased 2%; however, U.S. revenue grew 3% overall due to a 14%
increase in shipping and handling revenue due, in part, to a price
increase implemented in the fourth quarter of 2011. Third quarter
returns as a percent of gross product revenue remained relatively
flat. In the same period, eCommerce revenue increased 14% to $479
million and grew to 39% from 35% as a percentage of total U.S.
revenue. Adjusted OIBDA increased 7% to $278 million and adjusted
OIBDA margin(2) increased 81 basis points. The increase in adjusted
OIBDA margin was primarily due to an improved gross margin as a
result of a favorable net shipping and handling position including
warehouse productivity, as well as lower commissions, credit card
and customer service expenses as a percentage of revenue.
QVC's international revenue decreased 1% in the third quarter to
$681 million. The third quarter results included the negative
impact of the strengthening U.S. Dollar against the Japanese Yen,
Euro and U.K. Pound Sterling. International adjusted OIBDA
increased 4% to $119 million and adjusted OIBDA margin increased 95
basis points in the third quarter.
QVC Japan's revenue grew 9% in local currency in the third
quarter primarily due to increased sales in home, apparel and
accessories. QVC Japan's ASP in local currency decreased 1%, but
units sold increased 10% in the third quarter. QVC Japan's third
quarter returns as a percent of gross product revenue remained
relatively flat. QVC Japan's adjusted OIBDA in local currency
increased 12% and adjusted OIBDA margin increased 55 basis points
in the third quarter. The increase in adjusted OIBDA margin was due
primarily to lower warehouse expenses and fixed cost leverage.
QVC Germany's revenue declined 6% in local currency in the third
quarter primarily due to decreased sales in health, apparel and
accessories, somewhat offset by increased sales of beauty products.
QVC Germany's ASP in local currency decreased 4% and units sold
declined 4% in the third quarter. QVC Germany's third quarter
returns as a percent of gross product revenue in local currency
improved by 201 basis points and was primarily due to a shift in
product mix from apparel to beauty. QVC Germany's adjusted OIBDA in
local currency increased 2% and adjusted OIBDA margin increased 119
basis points in the third quarter. The improvement in OIBDA margin
was driven by warehouse productivity, including the positive impact
of lower returns processing, as well as lower commissions and fixed
costs.
QVC U.K.'s revenue increased 3% in local currency in the third
quarter primarily due to sales increases in home décor and beauty
products. QVC U.K.'s ASP in local currency increased 1%, while
units sold remained relatively flat for the third quarter. QVC
U.K.’s third quarter returns as a percent of gross product revenue
in local currency decreased by 78 basis points primarily due to a
product mix shift to home and beauty products. QVC U.K.’s adjusted
OIBDA in local currency decreased 9% and adjusted OIBDA margin
decreased 224 basis points in the third quarter. The decrease in
adjusted OIBDA margin was primarily due to lower product margins
and higher transition and running costs associated with QVC U.K.’s
new headquarters move in June 2012.
QVC Italy continued the trend upward with a 16% sequential
revenue growth in local currency over the second quarter of 2012.
QVC Italy’s sales were primarily from the cooking and dining,
beauty and apparel product categories.
On July 4, 2012, QVC entered into a joint venture with China
Broadcasting Corporation, a limited liability company, owned by
China National Radio (“CNR”) for a 49% interest in a CNR
subsidiary, CNR Home Shopping Co., Ltd. (‘‘CNRS’’). CNRS had an 85%
growth in revenue over the prior year third quarter. This joint
venture is being accounted for as an equity method investment, and
as a result, QVC reported a $3 million reduction in net income for
the period.
QVC's outstanding bank and bond debt was $3.4 billion at
September 30, 2012. The increase of $1.1 billion from June 30, 2012
was primarily associated with borrowings to fund the Liberty
Ventures Group as part of the Liberty Interactive Group’s
recapitalization of its common stock.
eCommerce Businesses
In the aggregate, Liberty Interactive Group’s eCommerce
businesses increased revenue 13% to $278 million for the third
quarter. Adjusted OIBDA decreased 56% to $4 million for the quarter
and operating income decreased to a loss of $56 million. All but
one of our eCommerce businesses reported an increase in revenue for
the quarter as a result of increased marketing efforts and
increased conversion resulting from site optimization and broader
inventory offerings. The decrease in adjusted OIBDA was the result
of increased spending in paid search as a percentage of revenue,
increased promotional activity to move seasonal inventory and lower
advertising revenue due to pricing and a shift to mobile
applications. The decrease in operating income was primarily due to
an impairment of goodwill at Celebrate Interactive as a result of
continued declining operating results and disappointing third
quarter trends.
Share Repurchases
From August 1, 2012 through October 31, 2012, Liberty
repurchased approximately 3.0 million Series A Liberty Interactive
shares at an average cost per share of $18.37 for total cash
consideration of $55.9 million. Since the creation of the Liberty
Interactive stock in May 2006, Liberty has repurchased
approximately 175.3 million shares at an average cost per share of
$18.98 for aggregate cash consideration of $3.3 billion. These
repurchases represent approximately 25.0% of the shares outstanding
at the time of creation of the Liberty Interactive stock. On
October 30, 2012, the Board of Directors voted to increase the
stock repurchase authorization for the Liberty Interactive Group by
an additional $1.0 billion. Including the newly authorized amount,
the total current repurchase authorization for Liberty Interactive
Group stock is approximately $1.4 billion.
Liberty Interactive Group holds controlling interests in
companies that are engaged in digital commerce, including QVC,
Provide Commerce, Backcountry.com, Bodybuilding.com, Celebrate
Interactive, CommerceHub, MotoSport and Right Start, and also owns
interests in HSN and Lockerz.
LIBERTY VENTURES GROUP – As of September 30, 2012 the
fair value of the equity method securities and non-strategic AFS
securities attributed to the Liberty Ventures Group was $3.2
billion and $1.6 billion, respectively. When compared to the prior
quarter, the fair value of Liberty Ventures Group’s equity method
securities increased 1% and AFS securities increased 19%.
Share Repurchases
There were no repurchases of Liberty Ventures Group stock from
August 10, 2012 through October 31, 2012. The Liberty Ventures
Group does not have an outstanding stock repurchase authorization
at this time.
The businesses and assets attributed to the Liberty Ventures
Group are all of Liberty’s businesses and assets other than those
attributed to the Liberty Interactive Group and include its
interests in TripAdvisor, Expedia, and minority interests in Time
Warner and Time Warner Cable.
FOOTNOTES
(1)
Liberty’s President and CEO, Gregory B.
Maffei, will discuss these highlights and other matters in
Liberty’s earnings conference call which will begin at 11:00 a.m.
(ET) on November 6, 2012. For information regarding how to access
the call, please see “Important Notice” later in this document.
(2)
For a definition of adjusted OIBDA and
applicable reconciliations and a definition of adjusted OIBDA
margin, see the accompanying schedules.
LIBERTY
INTERACTIVE GROUP FINANCIAL METRICS
(amounts in millions)
3Q11 3Q12 % Change
Revenue QVC US $1,196 1,237 3 % International 690
681 -1 %
Total
QVC Revenue 1,886
1,918 2 %
eCommerce businesses 247 278
13 %
Total Liberty Interactive Group
Revenue $2,133 2,196
3 % Adjusted
OIBDA QVC US $ 259 278 7 % International 114
119 4 %
Total QVC
Adjusted OIBDA 373
397 6 % eCommerce
businesses 9 4 -56 % Corporate and other (4 )
(4 ) 0 %
Total Liberty Interactive Group
Adjusted OIBDA $378
397 5 %
Operating Income QVC US $159 173 9 % International 75
87 16 %
Total
QVC Operating Income 234
260 11 % eCommerce
businesses (2 ) (56 ) -2,700 % Corporate and other (7 )
(11 ) -57 %
Total Liberty
Interactive Group Operating Income $225
193 -14
%
QVC OPERATING
METRICS
(amounts in millions except average sale price amounts) 3Q11
3Q12 % Change
QVC - US(1) Revenue $1,196 1,237 3 % Adjusted
OIBDA $259 278 7 % Adjusted OIBDA margin 21.66 % 22.47 % 81 bps
Average sale price (ASP) 54.49 55.21 1 % Units sold 24.44 24.64 1 %
eCommerce % of US revenue 35.26 % 38.74 % 348 bps Return rate 19.91
% 20.05 % (14) bps
QVC - Japan(1) Revenue $281
301 7 % Adjusted OIBDA $61 67 10 % Adjusted OIBDA margin 21.71 %
22.26 % 55 bps Average sale price (ASP) ¥6,267 6,215 -1 % Units
sold 3.81 4.18 10 %
QVC - Germany(1) Revenue
$252 211 -16 % Adjusted OIBDA $40 36 -10 % Adjusted OIBDA margin
15.87 % 17.06 % 119 bps Average sale price (ASP) €36.56 35.23 -4 %
Units sold 6.45 6.16 -4 %
QVC - UK(1) Revenue
$147 149 1 % Adjusted OIBDA $24 21 -13 % Adjusted OIBDA margin
16.33 % 14.09 % (224) bps Average sale price (ASP) £27.66 27.91 1 %
Units sold 3.60 3.61 0 %
QVC - Italy(1)
Revenue $10 20 100 % Adjusted OIBDA ($11 ) (5 ) 55 % Adjusted OIBDA
margin -110.00 % -25.00 % NM Average sale price (ASP) €31.98 33.01
3 % Units sold 0.22 0.54 145 % (1) Revenue and adjusted
OIBDA change calculated in US dollars, not local currency
NOTES
Unless otherwise noted, the foregoing discussion compares
financial information for the three months ended September 30, 2012
to the same period in 2011.
On September 23, 2011, Liberty completed the split-off of a
wholly owned subsidiary, Liberty Media Corporation ("LMC")
(formerly known as Liberty CapStarz, Inc. and Liberty Splitco,
Inc.) (the "Split-Off"). At the time of the Split-Off, LMC owned
all the assets, businesses and liabilities attributed to the
Liberty Capital and Liberty Starz tracking stock groups immediately
prior to the Split-Off. The Split-Off was effected by means of
redemption of all of the Liberty Capital common stock and Liberty
Starz common stock of Liberty for all of the common stock of LMC.
This transaction was accounted for at historical cost due to the
pro rata nature of the distribution. The financial information
provided reflects LMC as discontinued operations. Accordingly, the
relevant financial statement balances and activities of the
businesses, assets and liabilities owned by LMC at the time of the
Split-off (for periods prior to the Split-Off) have been excluded
from the included financial information.
Following the Split-Off, Liberty and LMC operate as separate,
publicly traded companies, and neither has any stock ownership,
beneficial or otherwise, in the other. In connection with the
Split-Off, Liberty and LMC entered into certain agreements in order
to govern certain of the ongoing relationships between the two
companies after the Split-Off and to provide for an orderly
transition. These agreements include a Reorganization Agreement, a
Services Agreement, a Facilities Sharing Agreement and a Tax
Sharing Agreement. Certain prior period amounts have been
reclassified for comparability with the current presentation.
On August 9, 2012 Liberty Interactive completed the approved
recapitalization of its common stock through the creation of the
Liberty Interactive common stock and Liberty Ventures common stock
as tracking stocks. In the recapitalization, each holder of Liberty
Interactive common stock remained a holder of the same amount and
series of Liberty Interactive common stock and received 0.05 of a
share of the corresponding series of Liberty Ventures common stock,
by means of a dividend, with cash issued in lieu of fractional
shares of Liberty Ventures common stock.
In connection with the creation of the Liberty Ventures tracking
stock, Liberty distributed subscription rights to purchase shares
of Series A Liberty Ventures common stock at a per share
subscription price of $35.99 for one share of Series A Liberty
Ventures common stock pursuant to a basic subscription privilege
and also entitled the holder to subscribe for additional shares
pursuant to an oversubscription privilege. The rights offering
commenced on September 12, 2012 and expired on October 9, 2012. In
the fourth quarter, approximately 9 million Series A Liberty
Ventures shares were issued in connection with the rights offering
resulting in approximately $328 million of cash proceeds.
The following financial information is intended to supplement
Liberty’s condensed consolidated statements of operations which are
included in its Form 10-Q.
Fair Value of Public Holdings
(amounts in millions) 6/30/2012
9/30/2012 HSN(1) $ 808
982
Total Attributed Liberty Interactive Group
$ 808 982
Expedia(2) $ 1,664 2,002 TripAdvisor(2) 1,169 861 Interval
Leisure Group and Tree.com(2) 348 358 Non Strategic Public
Holdings(3) 1,380 1,639
Total
Attributed Liberty Ventures Group $ 4,561
4,860
(1)
Represents fair value of Liberty
Interactive Group’s investment in HSN. In accordance with GAAP,
Liberty Interactive Group accounts for this investment using the
equity method of accounting and includes this investment in its
consolidated balance sheet at its historical carrying value which
aggregated $233 million and $241 million at June 30, 2012 and
September 30, 2012, respectively.
(2)
Represents fair value of Liberty Ventures
Group’s investments. In accordance with GAAP, Liberty Ventures
Group accounts for these investments using the equity method of
accounting and includes these investments in its consolidated
balance sheet at their historical carrying values which aggregated
$927 million and $975 million at June 30, 2012 and September 30,
2012, respectively.
(3)
Represents Liberty Ventures Group’s
non-strategic public holdings which are accounted for at fair
value.
Cash and Debt
The following presentation is provided to separately identify
cash and liquid investments and debt information.
(amounts in millions) 6/30/2012
9/30/2012
Cash and Liquid
Investments Attributable to: Liberty
Interactive Group $ 790 558 Liberty Ventures Group --
1,235
Total Liberty Consolidated
Cash (GAAP) $ 790
1,793 Debt: Senior notes and
debentures(1) $ 1,100 1,070 QVC senior notes(1) 2,000 2,500 QVC
bank credit facility 302 851 Other 118
118
Total Attributed Liberty Interactive Group
Debt $ 3,520 4,539 Unamortized discount
(19 ) (19 )
Total Attributed Liberty
Interactive Group Debt (GAAP) $ 3,501
4,520 Senior exchangeable
debentures(2) 2,854 2,852
Total Attributed Liberty Ventures Group Debt $
2,854 2,852 Fair market value adjustment (306
) (15 )
Total Attributed Liberty Ventures
Group Debt (GAAP) $ 2,548
2,837
Total Consolidated Liberty Debt (GAAP) $ 6,049
7,357 (1) Face
amount of Senior Notes and Debentures with no reduction for the
unamortized discount or fair market value adjustment. (2) Face
amount of Senior Exchangeable Debentures with no reduction for the
unamortized discount or fair market value adjustment.
Total cash and liquid investments attributed to the Liberty
Interactive Group decreased $232 million, primarily due to $1,346
million in cash reattributed to the Liberty Ventures Group, stock
repurchases, debt repayments and capital expenditures. These cash
outflows were partially offset by cash flow from operations at QVC
and borrowings of debt at QVC. Total debt attributed to the Liberty
Interactive Group increased by $1,018 million, primarily due to
borrowings on the QVC bank credit facility and new 5.00% senior
notes issued in the third quarter.
Total cash and liquid investments attributed to the Liberty
Ventures Group increased $1,235 million, primarily due to cash
reattributed from the Liberty Interactive Group offset by investing
activities. Total debt attributed to the Liberty Ventures Group
decreased by $2 million, primarily due to principal repayments.
Important Notice: Liberty (Nasdaq: LINTA, LINTB, LVNTA,
LVNTB) President and CEO, Gregory B. Maffei will discuss Liberty’s
earnings release in a conference call which will begin at 11:00
a.m. (ET) on November 6, 2012. The call can be accessed by dialing
(888) 455-2265 or (719) 457-2703 at least 10 minutes prior to the
start time. Replays of the conference call can be accessed until
1:00 p.m. (ET) on November 13, 2012, by dialing (888) 203-1112 or
(719) 457-0820 plus the pass code 7834540#. The call will also be
broadcast live across the Internet and archived on our website. To
access the webcast go to http://www.libertyinteractive.com/events.
Links to this press release will also be available on Liberty’s
website.
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements about business strategies, market
potential, future financial prospects, international expansion, new
service and product offerings, the continuation of our stock
repurchase program, and other matters that are not historical
facts. These forward-looking statements involve many risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements, including,
without limitation, possible changes in market acceptance of new
products or services, competitive issues, regulatory matters
affecting our businesses, continued access to capital on terms
acceptable to Liberty Interactive, and market conditions conducive
to stock repurchases. These forward-looking statements speak only
as of the date of this press release, and Liberty Interactive
expressly disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statement contained
herein to reflect any change in Liberty Interactive’s expectations
with regard thereto or any change in events, conditions or
circumstances on which any such statement is based. Please refer to
the publicly filed documents of Liberty Interactive, including the
most recent Forms 10-Q and 10-K, for additional information about
Liberty Interactive and about the risks and uncertainties related
to Liberty Interactive’s business which may affect the statements
made in this press release.
SUPPLEMENTAL INFORMATION
As a supplement to Liberty’s consolidated statements of
operations, which are included in its Form 10-Q, the following is a
presentation of quarterly information and operating metrics on a
stand-alone basis for the largest privately held business (QVC)
owned by Liberty at September 30, 2012, which Liberty has
identified as a reportable segment.
Please see below for the definition of adjusted OIBDA and a
discussion of why management believes the presentation of adjusted
OIBDA for QVC provides useful information for investors. Schedule 2
to this press release provides a reconciliation of adjusted OIBDA
for each identified reportable segment to that segment’s operating
income for the same period, as determined under GAAP.
QUARTERLY SUMMARY
(amounts in millions) 3Q11
4Q11 1Q12
2Q12 3Q12
Liberty Interactive Group
QVC Revenue – US $ 1,196 1,792 1,240
1,280 1,237 Revenue – International 690
857 692
694 681 Revenue – Total $
1,886 2,649
1,932 1,974
1,918 Adjusted OIBDA – US 259 401 270 315 278 Adjusted OIBDA
– International 114 178
120 123
119 Adjusted OIBDA – Total $ 373
579 390
438 397
Operating income – US 159 254 171 214 173 Operating income –
International 75 143
87 87
87 Operating income – Total $ 234
397 258
301 260
Gross margin – US 35.7 % 34.6 % 35.6 % 37.2 % 36.1 % Gross
margin – International 36.7 % 37.4 %
37.7 % 38.1 %
37.4 %
NON-GAAP FINANCIAL MEASURES
This press release includes a presentation of adjusted OIBDA,
which is a non-GAAP financial measure, for Liberty, QVC (and
certain of its subsidiaries), and the eCommerce businesses together
with a reconciliation to that entity’s operating income, as
determined under GAAP. Liberty defines adjusted OIBDA as revenue
less cost of sales, operating expenses, and selling, general and
administrative expenses (excluding stock and other equity-based
compensation) and excludes from that definition depreciation and
amortization and restructuring and impairment charges that are
included in the measurement of operating income pursuant to GAAP.
Further, this press release includes adjusted OIBDA margin which is
also a non-GAAP financial measure. Liberty defines adjusted OIBDA
margin as adjusted OIBDA divided by revenue.
Liberty believes adjusted OIBDA is an important indicator of the
operational strength and performance of its businesses, including
each business’ ability to service debt and fund capital
expenditures. In addition, this measure allows management to view
operating results and perform analytical comparisons and
benchmarking between businesses and identify strategies to improve
performance. Because adjusted OIBDA is used as a measure of
operating performance, Liberty views operating income as the most
directly comparable GAAP measure. Adjusted OIBDA is not meant to
replace or supersede operating income or any other GAAP measure,
but rather to supplement such GAAP measures in order to present
investors with the same information that Liberty's management
considers in assessing the results of operations and performance of
its assets. Please see the attached schedules for applicable
reconciliations.
SCHEDULE 1
The following table provides a reconciliation of Liberty
Interactive Group’s adjusted OIBDA to its operating income
calculated in accordance with GAAP for the three months ended
September 30, 2011, December 31, 2011, March 31, 2012, June 30,
2012 and September 30, 2012, respectively.
QUARTERLY SUMMARY
(amounts in millions) 3Q11
4Q11 1Q12
2Q12 3Q12
Liberty Interactive Group
Adjusted OIBDA $ 378 619 419 455 397
Depreciation and amortization (151 ) (193 ) (143 ) (147 ) (147 )
Stock compensation expense (2 ) (17 ) (17 ) (18 ) (18 ) Impairment
of goodwill -- --
-- --
(39 )
Operating Income $ 225
409
259 290
193
SCHEDULE 2
The following table provides a reconciliation of adjusted OIBDA
for QVC (and certain of its subsidiaries) and the eCommerce
businesses to that entity or Group’s operating income (loss)
calculated in accordance with GAAP for the three months ended
September 30, 2011, December 31, 2011, March 31, 2012, June 30,
2012 and September 30, 2012, respectively.
QUARTERLY SUMMARY
(amounts in millions) 3Q11
4Q11 1Q12
2Q12 3Q12
Liberty
Interactive Group
QVC Adjusted OIBDA QVC US $ 259 401 270
315 278 QVC Japan 61 78 63 70 67 QVC Germany 40 69 46 39 36
QVC UK 24 40 20 21 21 QVC Italy (11 )
(9 ) (9 ) (7 )
(5 ) QVC International adjusted OIBDA $ 114
178 120
123 119
Consolidated QVC adjusted OIBDA $ 373 579 390 438 397
Depreciation and amortization (133 ) (176 ) (127 ) (129 ) (129 )
Stock compensation (6 ) (6 )
(5 ) (8 )
(8 )
Operating Income $ 234
397 258
301
260 eCommerce Businesses Adjusted OIBDA
$ 9 49 34 23 4 Depreciation and amortization (17 ) (17 ) (17 ) (16
) (18 ) Stock compensation 6 (2 ) (2 ) (8 ) (3 ) Impairment of
goodwill -- --
-- --
(39 )
Operating Income (Loss) $
(2 ) 30
15 (1
) (56 )
LIBERTY INTERACTIVE CORPORATION
BALANCE SHEET INFORMATION
September 30, 2012 –
(unaudited)
Attributed
InteractiveGroup
VenturesGroup
Inter-groupEliminations
ConsolidatedLiberty
ASSETS amounts in millions Current assets: Cash and
cash equivalents $ 558 1,235 -- 1,793 Trade and other receivables,
net 711 -- -- 711 Inventory, net 1,247 -- -- 1,247 Other current
assets 260 -- (165 ) 95
Total
current assets 2,776 1,235
(165 ) 3,846 Investments in
available-for-sale securities and other cost investments 3 1,639 --
1,642 Investments in affiliates, accounted for using the equity
method 305 1,004 -- 1,309 Property and equipment, net 1,207 -- --
1,207 Intangible assets not subject to amortization 8,493 -- --
8,493 Intangible assets subject to amortization, net 1,964 -- --
1,964 Other assets, at cost, net of accumulated amortization 82
-- -- 82
Total
assets $ 14,830 3,878
(165 ) 18,543
LIABILITIES AND EQUITY Current liabilities: Intergroup
Payable (Receivable) $ 63 (63 ) -- -- Accounts payable 640 6 -- 646
Accrued liabilities 672 15 -- 687 Current portion of debt 300 1,251
-- 1,551 Current deferred tax liabilities -- 951 (165 ) 786 Other
current liabilities 186 288 --
474
Total current liabilities 1,861
2,448 (165 )
4,144 Long-term debt 4,220 1,586 -- 5,806 Deferred income
tax liabilities 1,382 708 -- 2,090 Other liabilities 221
-- -- 221
Total
liabilities 7,684 4,742
(165 ) 12,261 Equity/Attributed
net assets (liabilities) 6,995 (864 ) -- 6,131 Noncontrolling
interests in equity of subsidiaries 151 --
-- 151
Total liabilities and equity
$ 14,830 3,878
(165 ) 18,543
LIBERTY INTERACTIVE CORPORATION
STATEMENT OF OPERATIONS
INFORMATION
Three months ended September 30, 2012 -
(unaudited)
Attributed
Interactive
Group
Ventures
Group
ConsolidatedLiberty
amounts in millions REVENUE: Net retail sales $ 2,196
-- 2,196 Cost of sales 1,407 -- 1,407
Gross profit 789 -- 789
OPERATING COSTS AND EXPENSES: Operating 201 -- 201
Selling, general and administrative, including stock-based
compensation 209 4 213 Impairment of goodwill 39 -- 39 Depreciation
and amortization 147 -- 147 596
4 600 Operating income 193 (4 )
189
OTHER INCOME (EXPENSE): Interest expense (84 )
(27 ) (111 ) Share of earnings (losses) of affiliates, net 6 37 43
Realized and unrealized gains (losses) on financial instruments,
net 14 (174 ) (160 ) Other, net -- (2 ) (2 )
(64 ) (166 ) (230 ) Earnings (loss) before income
taxes 129 (170 ) (41 ) Income tax (expense) benefit (65 ) 80
15 Net earnings (loss) 64 (90 ) (26 ) Less net
earnings (losses) attributable to noncontrolling interests 15
-- 15 Net earnings (loss)
attributable to Liberty stockholders $ 49 (90 )
(41 )
LIBERTY INTERACTIVE CORPORATION
STATEMENT OF OPERATIONS
INFORMATION
Three months ended September 30, 2011 -
(unaudited)
Attributed
Interactive
Group
Ventures
Group
ConsolidatedLiberty
amounts in millions REVENUE: Net retail sales $ 2,133
-- 2,133 Cost of sales 1,364 -- 1,364
Gross profit 769 -- 769
OPERATING COSTS AND EXPENSES: Operating 209 -- 209
Selling, general and administrative, including stock-based
compensation 184 1 185 Depreciation and amortization 151
-- 151 544 1
545 Operating income (loss) 225 (1 ) 224
OTHER INCOME (EXPENSE): Interest expense (76 ) (29 ) (105 )
Share of earnings (losses) of affiliates, net 6 56 62 Realized and
unrealized gains (losses) on financial instruments, net 12 (103 )
(91 ) Other, net (12 ) 3 (9 ) (70 ) (73
) (143 ) Earnings (loss) before income taxes 155 (74 ) 81
Income tax (expense) benefit (86 ) 30 (56 )
Earnings (loss) from continuing operations 69 (44 ) 25 Earnings
(loss) from discontinued operations, net of taxes (32 ) --
(32 ) Net earnings (loss) 37 (44 ) (7 ) Less net
earnings (loss) attributable to the noncontrolling interests 12
-- 12 Net earnings (loss)
attributable to Liberty stockholders $ 25 (44 )
(19 )
LIBERTY INTERACTIVE CORPORATION
STATEMENT OF CASH FLOWS
INFORMATION
Nine months ended September 30, 2012 –
(unaudited)
Attributed
Interactive
Group
Ventures
Group
ConsolidatedLiberty
amounts in millions CASH FLOWS FROM OPERATING
ACTIVITIES: Net earnings (loss) $ 336 (8 ) 328 Adjustments to
reconcile net earnings to net cash provided by operating
activities: Depreciation and amortization 437 -- 437 Stock-based
compensation 52 1 53 Cash payments for stock based compensation (9
) -- (9 ) Share of (earnings) losses of affiliates, net (26 ) (63 )
(89 ) Cash receipts from return on equity investments 8 13 21
Realized and unrealized (gains) losses on financial instruments,
net (39 ) 377 338 (Gains) losses on disposition of assets, net --
(288 ) (288 ) Impairment of goodwill 39 -- 39 Deferred income tax
(benefit) expense (119 ) 85 (34 ) Other, net 11 (33 ) (22 )
Intergroup tax allocation 156 (156 ) -- Changes in operating assets
and liabilities Current and other assets 162 -- 162 Payables and
other current liabilities 27 (19 ) 8
Net cash provided (used) by operating activities
1,035 (91 ) 944
CASH FLOWS FROM INVESTING ACTIVITIES: Cash
proceeds from dispositions -- 348 348 Investments in and loans to
cost and equity investees (60 ) (132 ) (192 ) Capital expended for
property and equipment (237 ) -- (237 ) Net sales of short term
investments 46 -- 46 Other investing activities, net (41 ) 1
(40 )
Net cash provided (used) by investing
activities (292 ) 217
(75 ) CASH FLOWS FROM FINANCING
ACTIVITIES: Borrowings of debt 2,043 -- 2,043 Repayments of
debt (1,123 ) (115 ) (1,238 ) Reattribution of cash between groups
(1,346 ) 1,346 -- Intergroup borrowings (payments) 122 (122 ) --
Repurchases of Liberty common stock (690 ) -- (690 ) Other
financing activities, net (30) -- (30 )
Net cash provided (used) by financing activities
(1,024) 1,109 85
Effect of foreign currency rates on cash (8 )
-- (8 ) Net increase (decrease) in cash and cash
equivalents (289 ) 1,235 946 Cash and cash equivalents at beginning
of period 847 -- 847
Cash and
cash equivalents at end period $ 558
1,235 1,793
LIBERTY INTERACTIVE CORPORATION
STATEMENT OF CASH FLOWS
INFORMATION
Nine months ended September 30, 2011 -
(unaudited)
Attributed
Interactive
Group
Ventures
Group
ConsolidatedLiberty
CASH FLOWS FROM OPERATING ACTIVITIES: amounts in
millions Net earnings (loss) $ 723 (62 ) 661 Adjustments to
reconcile net earnings to net cash provided by operating
activities: (Earnings) loss from discontinued operations (378 ) --
(378 ) Depreciation and amortization 448 -- 448 Stock-based
compensation 32 -- 32 Cash payments for stock based compensation (2
) -- (2 ) Share of (earnings) losses of affiliates, net (18 ) (101
) (119 ) Cash receipts from return on equity investments -- 15 15
Realized and unrealized (gains) losses on financial instruments,
net (57 ) 118 61 Deferred income tax (benefit) expense (56 ) (5 )
(61 ) Other, net (12 ) 8 (4 ) Intergroup tax allocation (40 ) 40 --
Changes in operating assets and liabilities Current and other
assets 106 -- 106 Payables and other current liabilities (216 )
(27 ) (243 )
Net cash provided (used) by operating
activities 530 (14 )
516 CASH FLOWS FROM INVESTING
ACTIVITIES: Capital expended for property and equipment (192 )
(192 ) Net sales (purchases) of short term investments (89 ) -- (89
) Other investing activities, net (21 ) -- (21
)
Net cash provided (used) by investing activities
(302 ) -- (302
) CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of debt 305 (110 ) 195 Repayments of debt (673 ) -- (673
) Intergroup borrowings (payments) (124 ) 124 -- Repurchases of
Liberty common stock (87 ) -- (87 ) Other financing activities, net
(50 ) -- (50
) Net cash provided
(used) by financing activities (629 )
14 (615 ) Effect of foreign
currency rates on cash (7 ) -- (7 )
Net cash provided (used) by
financing activities Net cash provided by (to) discontinued
operations Net cash provided (used) by operating activities 304 --
304 Net cash provided (used) by investing activities (104 ) -- (104
) Net cash provided (used) by financing activities (264 ) -- (264 )
Change in available cash held by discontinued operations 15
-- 15 Net cash provided by (to)
discontinued operations (49 ) -- (49 ) Net
increase (decrease) in cash and cash equivalents (457 ) -- (457 )
Cash and cash equivalents at beginning of period 1,353
-- 1,353
Cash and cash equivalents
at end period $ 896 -- 896
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